Fifth Third Wealth Advisors President Eric Housman thinks his bank's $2 billion advisory practice still occupies a distinct position in the industry. But it's not likely to stay that way.

The regional bank's play for a piece of the wealth management pie, under wraps for more than a year, has a unique twist.

The new platform aims to scoop up mass-market clients with just $5,000 in investable assets.

The firm failed to accurately describe the costs and benefits of exchanging variable annuities and recommended exchanges without knowing if they were suitable, FINRA said.

The new exec fills a position that has been open since its last chief of insurance left the post in October.

Thirteen executives were recently tapped to lead wealth management and related investment services groups at several financial institutions, including Fifth Third, SunTrust, Wells Fargo and U.S. Bank. Find out who they are and what their new roles entail.

Brian Lamb succeeds Mike Michael who was named to the post in May.

The exec will lead the private banking business across 10 markets.

The bank completed the acquisition of a local insurance agency without the executive hired to grow the bank's insurance business.